Riding the Oil Rally: How to Play Brent Above $82 Support
- Oil prices are currently trading around $82.55, up slightly on the day. This continues the stable to bullish price action seen over the past month.
- On the daily chart, Brent has held above key short-term support at $80 and is consolidating near multi-week highs above $82.
- Momentum indicators like MACD remain in positive territory, pointing to ongoing upward momentum in the near-term.
- The next upside targets are the 200-day moving average at $83.50 and the $84 resistance zone.
- Upside appears favored as long as $80 support holds on any intraday pullbacks.
In summary, the structure and positioning of key moving averages favors the bullish scenario playing out in the weeks ahead. I'd be looking to buy intraday dips toward $82 for additional gains up to $84. Let me know if any part of the analysis needs explanation.
- On the daily chart, Brent has held above key short-term support at $80 and is consolidating near multi-week highs above $82.
- Momentum indicators like MACD remain in positive territory, pointing to ongoing upward momentum in the near-term.
- The next upside targets are the 200-day moving average at $83.50 and the $84 resistance zone.
- Upside appears favored as long as $80 support holds on any intraday pullbacks.
In summary, the structure and positioning of key moving averages favors the bullish scenario playing out in the weeks ahead. I'd be looking to buy intraday dips toward $82 for additional gains up to $84. Let me know if any part of the analysis needs explanation.